Gayatri projects Limited receives Rs. 69.41 crores from contractor as settlement of claims

Gayatri projects Limited ("the Company") has received an amount of INR 69.41 Crores from its contractor M/s Sunway Construction SDN, BDH, as settlement of its various claims raised by the Company on the contractor. The Company had executed a contract for rehabilitation and Upgrading of Kms 104 to Kms 170 of NH 25 lo 4 lane in the State of Uttar pradesh (Contract package No - EW II UP-4) as a sub contract from M/s Sunway Construction SDN, BDH, M/s Sunway has raised a total claim of INR 80.00 Crores on NHAI and out of total amount received, the company's share was settled at INR 70.78 crores and the net amount received by the company after statutory deductions is INR 69.41 Crores.

The company has also announced in the previous month, the receipt of INR 208.00 Crores under the GOI scheme of monetisation of 'under litigation arbitral award' against bank guarantees.

Both the receipt mentioned above are in line with company's guidance of an inflow of INR 2-3 billion under the GoI award monetisation scheme/conciliation scheme.

Shares of GAYATRI PROJECTS LTD. was last trading in BSE at Rs.37.45 as compared to the previous close of Rs. 37.8. The total number of shares traded during the day was 46701 in over 474 trades.

The stock hit an intraday high of Rs. 37.9 and intraday low of 37.2. The net turnover during the day was Rs. 1748504.

Source : Equity Bulls

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